Siam Commercial Bank’s Spin-off SCB Abacus Closes US$12 Million Series Aby Fintech News Singapore September 30, 2021
SCB Abacus, an alternative digital lending platform in Thailand, has raised US$12 million in an oversubscribed Series A funding round.
The firm, a fintech spin-off from the Siam Commercial Bank, has a flagship digital lending application “MoneyThunder” offering micro loans and Buy Now, Pay Later services for the underserved and unbanked retail segments in Thailand.
MoneyThunder utilizes SCB Abacus’ in-house artificial intelligence and machine learning capabilities to underwrite loans and provide an automated approval experience for consumers.
The round was led by Openspace Ventures, with additional capital coming from Vertex Ventures Southeast Asia and CAI Partners.
SCB Abacus said that the funding injection will be used to help accelerate its product development and expansion, strengthen its technology infrastructure and underwriting capabilities, and recruit additional talent.
SCB Abacus added that it expects to raise a Series B funding round by end of 2022 with a fivefold growth of its current loan portfolio compared to 2021.
Dr. Sutapa Amornvivat, Founder and CEO of SCB Abacus said,
“We are grateful for the continuing supports from Siam Commercial Bank and SCB 10X, allowing us the freedom to prove the potential of our AI and data capabilities.
We are confident that our team of experienced and dedicated talents, together with expertise of leading venture capital investors, will push forward changes to how financial services in Southeast Asia can be more accessible through innovations”,